https://www.taxtmi.com/caselaws?id=253994 The Tribunal partially allowed the Revenue's appeal regarding the penalty under section 271(1)(c) of the Income Tax Act, 1961 for A.Y. 2003-04. The Commissioner of Income Tax (Appeals) had deleted the penalty imposed by the Assessing Officer, citing that the explanation provided by the assessee was not erroneous or false. The Tribunal disagreed with the Assessing Officer's reasoning on disallowed expenses, providing relief to the assessee in part. Additionally, the Tribunal remanded the matter of advances back to the Assessing Officer for further examination. en-us Thu, 27 Nov 2014 00:00:00 +0530 Tue, 09 Dec 2014 23:55:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=253994 The Tribunal partially allowed the Revenue's appeal regarding the penalty under section 271(1)(c) of the Income Tax Act, 1961 for A.Y. 2003-04. The Commissioner of Income Tax (Appeals) had deleted the penalty imposed by the Assessing Officer, citing that the explanation provided by the assessee was not erroneous or false. The Tribunal disagreed with the Assessing Officer's reasoning on disallowed expenses, providing relief to the assessee in part. Additionally, the Tribunal remanded the matter of advances back to the Assessing Officer for further examination. Case-Laws Income Tax Thu, 27 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=253994